There is still value everywhere.

Even though "bloggers" are slowly killing them, there is still value to be found around the loyalty programs system. But with constant devaluations, having UR or Membership Rewards Points with vesatility on its use is the way to go this days. In the end, like you say, the Portal is what will give you that extra that we will not be able to find directly with hotel or airline programs.

In the end, experiential is the new thing, so killing hotels like the Marriott Maui on high season (I stayed there the last 2 New Years on points) will make people go to the portal where they can find extra value. Thank you Chase for giving us options and having developped a propietary points system with lots of great transfer partnerse and an amazing portal.

And that is why Scott Kirby from United is pissed at Chase for having a better product with the Sapphires and Fredoms that what United/Chase have with the cobranded United Cards Thecnically you have a United Credit Card with Sapphire that in case United devaluates, can immeadiately be used as a Southwest or Iberia cobranded credit card